ERAFP, the French pension fund for civil servants, has awarded mandates for the management of its US equity portfolios, which now include dedicated mid-cap investments.
The pension fund did not previously have dedicated US mid-cap mandates, but added these when it last year launched a call for tenders ahead of its US large-cap mandates expiring at the end of 2020.
Today ERAFP announced it had chosen BFT Investment Managers, with the financial management delegated to Morgan Stanley Investment Management, for US mid-cap equities.
The mandate is for around €150m, according to ERAFP. Schroder Investment Management and Amundi are on standby.
Ostrum Asset Management and Oddo BHF Asset Management have been awarded US large-cap mandates for around €1.1bn in total. According to ERAFP, they have delegated the financial management to Loomis Sayles and Wells Cap Management, respectively.
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(Bloomberg) As the hunt for investments that can withstand rising interest rates gathers pace, frontier assets are gaining popularity over their larger emerging-market peers.The bonds of the world’s least-developed economies have returned 2.6% this year, keeping pace with their 2020 performance, while higher-ranked emerging-market debt has lost almost 2%, reversing some of last year’s 5.3% advance, according to JPMorgan Chase & Co. indexes.With speculation growing that the world’s post-pandemic economic recovery is fueling inflation, the bonds of smaller developing nations are luring buyers as their securities tend to be of shorter duration meaning they are less sensitive to expectations for interest-rate increases. The average duration of frontier-market sovereign bonds is six years, compared with 7.9 years for traditional emerging markets, JPMorgan indexes show.“People are still worried interest rates have to rise and they are looking for yield an
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